The groundbreaking celebration will be held 11 a.m. at 310 2nd St. SE. Tom Streitz, the city's director of Housing Policy & Development, Council Member Diane Hofstede (Ward 3) and officials with Dominium, among others, will speak at the event.

Once complete, the project will have 251 apartments geared toward artists.

The Pillsbury A Mill is one of 21 National Historic Landmarks in the state. It was built in 1881 and was the world’s largest flour mill for 40 years. It closed in 2003.

The development will have a mix of studios, one-, two- and three-bedroom apartments targeted for tenants at 60 percent of the area median income (about $40,000.)

The flour mill complex will undergo an extensive renovation and reconfiguration. Planned amenities include a fitness center, several studios for art making, yoga and dance, as well as gallery spaces and performance areas.

The development is expected to be done by fall 2015.

“We are extremely excited about bringing the landmark Pillsbury A-Mill back to life,” said Owen Metz, developer and project lead for Dominium. “We wouldn’t have been able to make this deal happen without the strong support of the City of Minneapolis, US Bank, Affordable Housing Partners, Inc., and our various financing partners. This is an iconic redevelopment for not only Dominium, but for the Twin Cities. This will help make the east bank of the Mississippi River shine even more.”

Plymouth-based Dominium is the country’s eighth largest owner of affordable housing in the nation. It owns about 17,000 units and manages another 23,000.